New Jersey Deposit Problems Continue in May

May 4, 2014 by

new-jersey-deposit-problemsIn terms of how it could affect the landscape of the rest of the United States in the area of online casino regulation, New Jersey’s online gambling is most important right now ahead of Nevada and Delaware. The New Jersey deposit problems are one of the biggest things that are causing issues for the regulated side of the industry as a whole, and it’s something that doesn’t seem to be a problem with an end in sight. Players from all over the state are having trouble with credit cards especially, and this is considered to be one of the biggest problems facing the industry as a whole.

Raw Numbers: New Jersey Deposit Problems

MasterCard and Visa are currently approving some of New Jersey’s deposits while American Express and Discover do not allow any of them. The current numbers are 73 percent of MasterCard’s attempted deposits becoming successful while Visa’s numbers are much lower at 44 percent. These numbers are from late this past year when online gambling was first available on a state-regulated level in New Jersey, and they aren’t particularly encouraging considering the fact that credit card deposits are known for being the most popular form of deposits in the industry on a global level.

Alternative Methods

An ACH transaction works similarly to an electronic check, and it allows for a direct deposit from a player’s bank account to their casino account in a lot of cases. Current numbers are looking like about 60 percent of people who are rejected via credit card are able to eventually get in a deposit using the ACH method. Neteller and Skrill, considered the two largest electronic wallet giants in the world for processing online gambling payments, are also offering their services in New Jersey, but they aren’t as popular yet.

What remains to be seen is what will be done to get players in a position where they can consistently make deposits when they want without having to wonder how many hoops they’re going to have to jump through just to get money into their casino accounts.

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